3 easy ways to consolidate your debt

August 03, 2015
Peter Dall

CONSOLIDATING DEBT

For the full article go to MonesaverHQ - David & Libby Koch. 

Does your debt seem unmanageable?  Do you have a mortgage, credit card debt, personal loan, etc? Perhaps it is time to consolidate your debt and bring it all together so that you pay the lowest possible rate and set up a payment plan to wipe the slate clean. 

You have at least 3 options to do this: 

1. Combine debts on a personal loan

Set a term on a personal loan… it is still likely to be lower than your credit card rate and at the end of the term, you will have cleared the balance owing, once and for all. 

2. Transfer balances onto a low-rate credit card

Often you can transfer the balance and enjoy a substantial interest-free term. However you must be vigilant to clear the debt in the interest-free period or the balance will revert to the normal interest rate, which can incur costs and create credit history implications. 

3. Put all your debts into your mortgage

With a mortgage that has accrued a bit of equity in the property, this may be a good option – as long as you have the discipline to increase mortgage repayments to clear the debt. 

But above all, you must draw up a budget that you can honestly stick to, control your spending and do some leg work to find the best deals on offer.  

 

For further information or to arrange an interview, please contact:

Peter Dall - Waverley Mortgage Choice

0414 583 233

peter.dall@mortgagechoice.com.au

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